Paramount stock jumps after strong earnings report, adding to blockbuster day

  • 📰 CNBC
  • ⏱ Reading Time:
  • 48 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 72%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

The media conglomerate reported a 38% increase in revenue and 63 million subscribers on Paramount+.

The Paramount logo is displayed at Columbia Square along Sunset Blvd in Hollywood, California on March 9, 2023.Paramount Global's stock jumped in extended trading Thursday after it reported strong revenue and subscription trends in its third quarter earnings report.

Paramount – home to brands like CBS, Showtime, BET, Nickelodeon and its namesake movie studio – reported a 38% increase in revenue year-over-year. In the third quarter, streaming service Paramount+ saw 2.7 million net additions to its 63 million total subscriber count. The company also narrowed losses in its streaming segment to $238 million from $343 million a year ago.Earnings per share:$7.13 billion vs. $7.

"We continue to execute our strategy and prioritize prudent investment in streaming while maximizing the earnings of our traditional business," CEO Bob Bakish said in the release. "Looking ahead, we remain on the path to achieving significant total company earnings growth in 2024."following its own stellar earnings report.

Paramount also expects full-year streaming losses in 2023 to be lower than last year. Overall revenue in the segment jumped 38% to $1.69 billion from a year earlier.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Paramount stock soars 12% after strong earnings report, adding to blockbuster dayThe media conglomerate reported a 38% increase in revenue and 63 million subscribers on Paramount+.
Source: NBCLA - 🏆 319. / 59 Read more »

Paramount stock soars 12% after strong earnings report, adding to blockbuster dayThe media conglomerate reported a 38% increase in revenue and 63 million subscribers on Paramount+.
Source: CNBC - 🏆 12. / 72 Read more »

Paramount+ Hits 63M Subscribers As Parent Company Tops Q3 EstimatesParamount Global beat Wall Street analysts’ estimates in the third quarter, riding growth from Paramount+, which added 2.7 million subscribers in the quarter to hit 63 million globally. Total…
Source: DEADLINE - 🏆 109. / 63 Read more »